EQUITY RESEARCH | DEEP VALUE RESEARCH
Lennar Corporation (LEN)
Sector: Consumer Discretionary / Homebuilding |
Published: 2026-10-06 |
Pages: 8
Price at publication: $74.44 | Market cap: $17.7 billion
Themes: Below book value Housing shortage Berkshire Hathaway
Executive Summary
Lennar closed at $74.44 on October 5, a 52-week low and about 0.83 times book value, while D.R. Horton, PulteGroup and Toll trade near 1.5 times book. Berkshire Hathaway crossed 10% of Lennar on September 17 and kept buying. Lennar has moved its land into the Millrose spinoff and kept the building, mortgage and title businesses, which earn high returns on little capital. A short report on Millrose raised a disclosure question we take seriously.
What’s Inside The Full Report
- Executive summary and key points
- What Berkshire is buying
- The shortage is long-term, not next quarter
- Lennar has been here before
- How Lennar makes money now
- Lennar keeps the best parts of the sale
- The third quarter
- The Hunterbrook report
- What the price implies
- The risks
- Putting it together
- TTCM rating and position disclosure
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